Tata Sons drama escalates as board of conglomerate hits back at leaked email from ousted chairman Cyrus Mistry October 27, 2016 A disagreement between the board of Indian conglomerate Tata Sons and its former chairman has escalated after executives hit back at claims made in a leaked private email. Tata Sons' management today said the email from Cyrus Mistry, who was sacked suddenly on Monday, was full of "unsubstantiated claims and malicious allegations". In a confidential [...]
Ford net income plunges 50 per cent after product recall and Brexit ripples hits results October 27, 2016 Ford announced a drop of more than 50 per cent in its third-quarter profits today after the auto trader took a hit from a safety recall earlier in the year. The second-largest US car marker said lower sales, the high cost of the recall and complications surrounding the launch of a new truck had dented its income. [...]
Now Ukip has also pulled out of Zac Goldsmith’s Richmond Park by-election October 27, 2016 Zac Goldsmith's Richmond Park by-election is looking lonelier by the minute after Ukip revealed that they would not be fielding a candidate. The Conservatives have previously said they won't run against their former MP – Goldsmith resigned earlier this week in protest over Heathrow expansion – and Labour MPs have also mooted withdrawing, although their [...]
David Davis has met with professional services sector execs to get their Brexit views October 27, 2016 The Brexit secretary today met with key figures from the professional services sector. David Davis, along with ministers Robin Walker and Lord Bridges, chaired a meeting with representatives from a number of trade bodies, including the Law Society, the Bar Council, the Business Services Association and the Institute of Chartered Accountants in England and Wales, and firms, including [...]
Blackstone Group tops third quarter results October 27, 2016 Blackstone Group has posted stronger than expected third quarter earnings as oil prices rebounded. Predictions by analysts from Reuters expected earnings of 48 cents per share, which were greatly exceeded. The results The world's largest asset manager said it earned an economic net income – a metric that accounts for unrealised investment gains or losses – of $687m (£562.2m) [...]
Labour shadow chancellor John McDonnell has accused the government of seeking a “bankers’ Brexit” October 27, 2016 Labour's shadow chancellor John McDonnell has hit out over Theresa May's EU plans, accusing the government of favouring a “bankers' Brexit”. Speaking in London earlier today, he said the government was trying to “cut special deals” for the City. McDonnell has previously hit out over rumours of Downing Street seeking a special carve-out for financial [...]
Bellevue Asset Management plans £200m investment trust IPO on London Stock Exchange October 27, 2016 Bellevue Asset Management has announced plans to launch a new investment trust through an initial public offering (IPO) aiming to raise £200m. The BB Healthcare Trust will be managed by Bellevue, which has around $4bn (£3.3bn) under management in the healthcare industry across numerous areas. The company is aiming to float the trust in early [...]
Permanent TSB completes EU deleveraging plan with sale of second slug of its mortgage book to Cerberus October 27, 2016 The fund that has spent billions hoovering up some of the UK's banks' most distressed mortgage portfolios, today splashed out €2.4bn (£2bn) to snaffle Permanent TSB's Irish housing book. US distressed debt investor Cerberus Capital Management already owns 50 per cent of Capital Home Loans, a subsidiary of Permanent TSB, and this deal completes the part state-owned lender's €8.4bn [...]
The House of Commons will debate Brexit and the City next week after two Labour backbenchers secured a three hour slot October 27, 2016 Two Labour MPs have secured time for a House of Commons debate next week on the impact of Brexit on financial and professional services firms. Backbenchers Liz Kendall and Chris Leslie have been granted three hours next Thursday to discuss the future of the City after quitting the EU. Kendall was a contender in Labour's [...]